Technical analysis by CRYPTODOTIDEAS about Symbol SOL: Buy recommendation (11/4/2023)

Solana has been completely destroyed in 2022. YTF flows express now a very telling picture: Solana was 98musd positive while ETH lost 125musd during the same period. A few reasons to explain this phenomenon in my opinion: -A very negative past: during 2022, Solana experienced a series of very negative events which heavily affected its price. At the lowest 2022 point, Solana was down 97% from ATH while ETH “only” suffered an 82% drawdown. This extreme reaction is probably causing now some catch up on the price (Solana is still down 86% from ATH while ETH value is -63,5%) -A fundamental change: Solana did not market its “ETH 2.0” moment while bringing significant innovations to the chain. The dev team is still pushing things to get “Sol 2.0” up and running in the coming months. The rally leading to this anticipated moment could be like what we saw with ETH switching from PoW to PoS. -The light at the end of the tunnel: Solana has some catalysts that are pushing the price for oMore clarity each day that passes with FTX assets liquidation procedure oA vibrant ecosystem: the ongoing Breakpoint conference registered a record number of participants), oAn 1000+ active dev community and a 20% increase in daily active addresses on the Solana network since the beginning of the month oSome positive news expected (the “airdrop season” from Solana defi is highly anticipated by market participants) These points, on top of the “crypto unit bias”, are lining up to position Solana as a potential major winner of the next liquidity wave towards cryptocurrencies. On the technical analysis side: both SOLBTC & SOLETH weekly charts are above their short terms 13/25/34 EMA indicating an uptrend.I guess this is a good start :)still on track to outperform most major alts